If you have excess inventory, there are several ways to get rid of it. Consider returning items to your supplier for a refund or credit. Or think about diverting your inventory to new products. You could take what you have and create something new with it– for instance, converting scrap into something others can utilize.
Networking
Oftentimes, when businesses have excess inventory they trade items with industry partners. This is helpful in building relationships– you might have something they can utilize and vice versa.
Special Deals
Perhaps you can come up with ideas that help get rid of excess inventory quickly, such as creating a “special deal” to sell stuff in bulk to customers. For instance, you have a thousand widgets just sitting in your warehouse taking up space. You could sell “a pallet of widgets for just $100” for a limited time and see how many takers you get. In some cases, you can sell stuff to a liquidator for a negotiated price. You can also consign your product, auction it off, scrap it, recycle it, or donate it.
Space is Money
Warehouse space is valuable. It costs money to store items. Ideally, you want to move product rather than just have it sitting somewhere taking up space, costing you money. So, getting rid of excess inventory utilizing some of the aforementioned ways can ultimately help free up space and perhaps bring in some money as well.
We Can Help You Find Warehouse Space
If you’re a business looking for warehouse space, Affiliated Warehouse Companies can help you find it. Whether it’s dry, cooler, freezer or hazmat warehouses, Affiliated Warehouse Companies can connect you with the ideal warehouses across North America. Curious to learn more? Just call 732-739-2323. You can also fill out the online form, here.
